Bulletin

Xerox posts in-line adjusted 4Q profit; oks $500M buyback

MichaelBaron

NEW YORK (MarketWatch) -- Xerox Corp.
XRX, -0.47%
reported fourth-quarter earnings of $282 million, or 27 cents a share, up from a year-ago profit of $240 million, or 24 cents a share. Revenue slipped 2% in the latest three months to $4.25 billion from $4.33 billion in the same period a year earlier. Excluding a charge of 5 cents a share related to restructuring, the Stamford, Conn., copy machine maker earned 32 cents a share in the quarter. The average estimate of analysts polled by Thomson First Call was for a profit of 32 cents a share on revenue of $4.42 billion for the December period. Looking ahead, the company forecast earnings of 20 to 23 cents a share for the first quarter and said it sees net income at the high end of its outlook of $1 to $1.07 a share for fiscal 2006. Wall Street's current consensus estimate is for a profit of 22 cents a share in the March period and $1.04 a share for the full year. The company's board also approved a $500 million buyback program. The stock closed Tuesday at $14.46, up 6 cents.

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